Silico Manganese prices improved in Raipur although buying interest remains moderate.
Domestic demand for silico manganese continues to be thin, and market participants highlighted that purchasing was low in the gone week. An official from a silico manganese manufacturing company revealed that he did not receive many inquiries throughout the week, but had little material ready for dispatch.
According to sources, Prakash Industries is offering silico manganese at INR 46,500 /MT (Ex-Champa, Chhattisgarh), up by INR 1,000 /MT from previous week’s prices. As a result, other Silico manganese producers in Raipur have also increased their offers by INR 500 /MT. Silico manganese 60-14 is being offered at INR 47,000 MT (Ex-Raipur), with few deals having been concluded at this price.
In Durgapur, silico manganese continues to be thinly traded, and most producers have already significantly cut down on production levels or completely shut down operations until market conditions improve. In Durgapur, silico manganese 60-14 is trading in the range of INR 46,000-46,500 /MT.
No Revival in Demand in the Export Market
Overseas demand for Indian origin silico manganese is low, with few spot deals concluded. Export offers for grade 60-14 stands at USD 725-730/MT FOB East Coast India and offers for grade 65-16are at around USD 790 /MT FOB East Coast India. Buoyed by the INR depreciation against USD, the Indian players had reduced their offers level last week, but still there was no pull in demand.
Some deals were heard to be concluded from India for South East Asian countries like Thailand, Malaysia, and also a few countries in the Middle East.
Exchange Rate : USD 1 = INR 66.4
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